Strategy (ex-Microstratrategy) Michael Seilor announced the launch of a new program for placing privileged shares Strf (Series a Perpetual Strife Preferred Stock) up to $ 2.1 billion. Paper placement will take place according to the AT-THE-MARKET (ATM) mechanism, then There is in the open market depending on demand. He writes about this RBC Crypto.
Funds will go to buy bitcoins and replenish working capital. This is the second series of output of unlimited privileged stakes Strategy, earlier the company has already sold both of them and ordinary shares to replenish its bitcoin hacks.
Strategy is the largest corporate bitcoin holder. The company accumulates the reserves of the first cryptocurrency, buying it at funds proceeds from the sale of shares and bonds.
The placement of the STRF will be an addition to the “42/42” plan of the company, which provides for the involvement of capital to purchase bitcoins of $ 84 billion by placing shares and convertible bonds until 2027. The first “21/21” program for $ 42 billion has already been completed.
At the beginning of the week, Strategy announced the next purchase of bitcoin: it purchased 7390 BTC for $ 764.9 million. Now the company has 576 230 BTC (~ 2.7% of existing bitcoins) purchased at an average price of $ 69,726. The market value of the company’s portfolio exceeds $ 64 billion.
Strategy and other public companies that have chosen a similar model (Metaplanet, Semler Scientific, Twenty One and others) became drivers of a corporate bitcoin race. According to The Block, according to Bernstein broker, such companies can accumulate bitcoins for $ 330 billion for five years.
Standard chartered analysts note that some states and sovereign funds are already buying Strategy shares as “proxy investments” in Bitcoin. According to them, in a number of jurisdictions, this becomes a way to circumvent restrictions on direct ownership of cryptocurrency. The bank regards this as one of the factors of further growth of bitcoin.
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Source: Cryptocurrency
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